variations in both trade openness and capital mobility can influence the sacrifice ratio. Key predictions forthcoming from the …

-output trade-off and suggests that the ultimate effect of openness on the output-inflation relationship is influenced by a variety … effect of openness on the sacrifice ratio. We develop a simple theoretical model showing how both the extent of pass through … and openness can interact to influence the output-inflation relationship. Next we empirically explore the nature of these …

growth while leaving short term foreign debt and investment in net fixed capital nearly unchanged. This work builds a model … able to derive these facts as the result of greater openness to global goods and financial markets. Emerging countries … generate the observed high ratios of reserves to short term foreign debt to hedge against volatility of foreign capital inflow …

effects in the context of economic growth. The closed-form solution of the terms of trade enables us to derive the plausible …

liabilities, a.ects growth directly and through the speed of convergence. Developing countries benefit relatively more as their … convergence and growth. These results are consistent with the neoclassical growth model with credit constraints presented in this …

The textbook neoclassical growth model predicts that countries with faster productivity growth should invest more and … growth model and find that one needs a saving wedge in order to explain the correlation between growth and capital flows …

can be replicated: 1) the persistent US current account deficits since the beginning of the 90’s; 2) growth of output per …) TFP growth in these countries, also relative to the US. The more productive technology takes more time to implement and is … into higher growth. …

between financial openness and economic growth is weak at best. While there is some evidence that financial liberalisation …This paper investigates the link between international financial integration and economic growth. In particular, we ask … the following questions. What are the theoretical links between financial integration and growth? Is there any empirical …